Former President Donald Trump blamed the Monday stock market dive on Vice President Kamala Harris in a series of Truth Social posts.
Read MoreTrump Blames Market ‘Kamala Crash’ on ‘Radical Left Lunatic’ Harris
Tag: stock market
JPMorgan Strategists Predict Stock Plunge, Recession as Early as First Half of 2023
Strategists at JPMorgan Chase predicted a recession as soon as the first half of 2023, coupled with a major stock market slide, in a research note Thursday, according to Bloomberg.
The strategists expected the S&P 500 stock index to decline roughly 12% in the first half of next year, before rebounding to end 2023 up 3% as inflation cools and the Federal Reserve slows or reverses its aggressive campaign of interest rate hikes, Bloomberg reported. Despite the expectation that the stock market will rebound by the end of next year, the analysts anticipated that U.S. corporate earnings would fall roughly 9% as demand slumps and economic conditions limit companies’ ability to set higher prices.
Read MoreStock Market Sinks, Oil Tops $130 as West Considers Russian Energy Sanctions
The stock market dropped during early trading Monday after the U.S. benchmark oil index briefly touched its highest level since the Great Recession.
The Dow Jones Industrial Average, an index measuring 30 major U.S. corporations, dropped 0.94% as of early Monday. The S&P index, which measures 500 of the largest publicly-traded companies, fell more than 0.93% while the NASDAQ, an index largely comprised of technology firms, declined 0.98%.
Late Sunday, the benchmark West Texas Intermediate crude oil futures hit more than $130 per barrel for the first time since July 2008. The index remained high on Monday, hovering above $118 per barrel, up more than 3%.
Read MoreU.S. Home Sales Continued to Grow in October as Housing Market Remains Hot
Home sales in the U.S. grew in October as buyers continue to enter a hot market, according to the National Association of Realtors.
Existing home sales increased at the fastest pace since January, growing 0.8% in October from the previous month to a seasonally adjusted rate of 6.34 million, the National Association of Realtors (NAR) reported Monday. October home sales declined 5.8% compared to the figure in October 2020, with the inventory of unsold homes decreasing 12% to 1.25 million on a year-over-year basis.
“Home sales remain resilient, despite low inventory and increasing affordability challenges,” Lawrence Yun, NAR’s chief economist, said in the report. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”
Read MoreStock Market Nosedives as Massive Sell-Off Continues
Major stock market indices plummeted Monday in a continuing sell-off tied to China’s declining property value, increasing COVID-19 cases and lack of progress in Congress on increasing the debt limit.
The Dow Jones Industrial Average (DJIA), an index measuring 30 major U.S. corporations, dropped 1.78% on Monday. The S&P index, which measures 500 of the largest publicly traded companies, fell 1.7%, while the NASDAQ, an index composed largely of technology firms, declined 2.19%.
Read MoreCommentary: ‘Follow the Science’ with Dr. Fauci
No matter what we are told by the “experts,” science is constantly evolving and is rarely ever as settled as those in power want us to believe. Doctors are often forced to make consequential decisions and recommendations based on partial or incomplete sets of data and information. Perhaps no one knows this better than Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases.
According to Fauci, it is now safe for schools to reopen. All it took was the passing of President Biden’s “COVID relief bill,” which will likely be signed into law this week. “As we now have the relief bill signed at $1.9 trillion — a lot of that is going into addressing COVID-19 including help to the schools to allow them to more safely bring the kids back,” Fauci said on Monday. Considering that the Congressional Budget Office estimated that 95 percent of the money appropriated from the bill to fund schools will not be spent this year, there was no reason for Fauci to present its passing as a prerequisite for reopening schools — unless of course we fool ourselves into believing that he is motivated by science, and not by whatever the Biden administration tells him to say.
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